Ohio Treasurer Robert Sprague announced the launch of a state-backed digital wallet that lets Ohioans pay state agencies with cryptocurrency, framing the program as the first statewide authorization of digital asset payments. The Buckeye Billfold initiative was unveiled with Secretary of State Frank LaRose in a release from the Treasurers office. Any cryptocurrency sent through the wallet is converted to US dollars at the moment of the transaction, so the state receives fiat in its normal bank account and never holds the volatile asset on its books. The office positioned the launch as a cost-cutting move that also saves processing time.
How Buckeye Billfold works
Payment options under the initiative include credit cards, ACH transfers and cryptocurrency, while cash and check remain available. It is open to residents and businesses for payments owed to state agencies. The instant conversion to dollars is the design‘s core safeguard: Ohioans are assured their payment has settled, and the state avoids marking any digital currency to market. The Treasurer’s office said the program will reduce overall transaction costs and save time for both government and Ohioans, describing the wallet as fully legally authorized and carefully developed and tested.
A second attempt after OhioCryptos 2019 failure
Ohio tried accepting cryptocurrency for business tax payments once before, through a service called OhioCrypto.com. A 2019 opinion from then-Attorney General Dave Yost found that program had not followed the proper process to be authorized as a financial transaction device by the State Board of Deposit. Last year the board authorized cryptocurrency use, and in September Sprague and the board unanimously approved Grant Street Group as the vendor to facilitate crypto acceptance for state fees and services.
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Crypto acceptance spreads across Ohio government
LaRose cast the rollout as keeping government in step with how Ohioans already transact. “Ohio is leading the way by embracing Bitcoin and cryptocurrency innovation,” he said, adding that he will continue the partnership with Sprague as the two offices implement the payment options. The move lands as governments and merchants elsewhere test crypto payment rails, from Dubais government payment claims to merchant-facing Bitcoin cards such as the Wirex-powered Chimera card.
Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a “blockchain enthusiast.” He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.